Asset Price Bubbles and the Case for Asset-Based Reserve Requirements

Thomas Palley

Challenge, 2003, vol. 46, issue 3, 53-72

Abstract: Federal Reserve chairman Alan Greenspan, as well as other Fed governors, has spiritedly maintained that it is not the job of the central bank to restrain bubbles in asset prices. But this economist argues that, in the real world, asset prices should very much be under the Fed's purview.

Date: 2003
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DOI: 10.1080/05775132.2003.11034200

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